Paphitis will stay as a director
Lingerie chain La Senza is to be sold to private equity group Lion Capital for an undisclosed sum.
Entrepreneur Theo Paphitis, who owns a majority share in the company, will stay on as a director and retain a minority shareholding.
Paphitis said: ‘La Senza is probably the most exciting and vibrant business I’ve been involved with. I am delighted that Lion Capital has shown such confidence in it and I am sure this will result in exciting opportunities for everyone still involved with the business.’
Lion Captial founding partner Robert Darwent added: ‘We look forward to working with the management team to continue to grow the business in both its existing markets and through further expansion in Europe.’
The deal is expected to be completed by the end of next week.
La Senza generated a turnover of£98 million in its most recent fiscal year and employs 1,800 staff in the UK and Ireland.
The group operates 118 stores, including 98 directly owned stores and concessions in the UK, 9 in Ireland and 11 franchises in six European countries.